Core Insights - The global AI revolution is at a critical juncture, with domestic large models like DeepSeek leading to a "multipolar" competitive landscape, driving a reevaluation of Chinese tech assets through technological breakthroughs, policy benefits, and capital flows [1] - The Hang Seng Tech Index, representing major Chinese tech companies, is attracting global attention due to its low valuation and high growth potential, especially after several constituent stocks reported better-than-expected Q1 2025 earnings [1] - The Great Wall Hang Seng Tech Index QDII fund aims to provide investors with an opportunity to invest in Chinese tech assets by tracking the Hang Seng Tech Index [1] Industry Overview - The Hang Seng Tech Index consists of 30 of the largest tech companies listed in Hong Kong, primarily focused on non-essential consumer goods (54.3%) and information technology (40.7%), representing a significant cluster of China's core tech assets [1] - Many companies within the Hang Seng Tech Index are not listed on the A-share market, creating a complementary relationship with A-share tech assets, and are deeply involved in the AI industry chain across various sectors [2] - The constituent stocks of the Hang Seng Tech Index show strong growth potential, with a median revenue growth rate of 11.29% and a median net profit growth rate of 32.94% for the year 2024 [2] Investment Value - Since the "924" market rally, the Hang Seng Tech Index has experienced significant valuation recovery, rising from 3000 points to 6000 points within two quarters, despite a recent pullback [2] - The Hang Seng Tech Index has shown a 40.09% increase over the past year, outperforming major indices in Hong Kong and A-shares, indicating higher elasticity in the current tech market [3] - As of June 5, the TTM price-to-earnings ratio of the Hang Seng Tech Index is 20.87, positioned at the 13.04% percentile over the past decade, suggesting a compelling opportunity for low-position investments [3]

智通财经6月10日午间新闻精选 4、截至午间收盘，沪指涨0.11%，深证成指跌0.23%，创业板指跌0.36%。恒生指数涨0.33%，恒生科技 指数跌0.33%。 2、任正非在接受采访时表示，人工智能也许是人类社会最后一次技术革命，当然可能还有能源的核聚 变。 3、瑞银全球财富管理的新兴市场策略师Xingchen Yu认为，全球投资者应继续战略性地投资中国股票， 中国科技股具有进一步上涨的潜力。 1、财政部社会保障司负责人葛志昊6月10日在国新办新闻发布会上表示，抓紧建立实施育儿补贴制度， 有关工作正在加快推进。 ...

Group 1 - Foreign institutions are optimistic about China's economic prospects, with major banks like Goldman Sachs, Morgan Stanley, and Deutsche Bank raising their GDP growth forecasts for 2025 [1][2] - Deutsche Bank has adjusted its 2025 GDP growth forecast for China to 4.7%, citing strong resilience in the service sector and retail, supported by ongoing monetary and fiscal policies [2] - Morgan Stanley and other institutions have also raised their growth predictions, indicating a positive impact from recent government policies aimed at boosting the economy [2] Group 2 - Foreign institutions are increasing their research efforts on A-share companies, particularly in the hard technology sector, with 234 foreign institutions having researched 195 A-share companies since May [6][7] - Notable companies attracting attention include Optoelectronics, Lanke Technology, and Huadian Co., with over 30 foreign institutions conducting in-depth research on them [7] - Companies are focusing on international expansion and innovation, with examples like Huadian Co. ramping up production capabilities in Thailand and Lanke Technology aiming to become a leading chip design company [7] Group 3 - There is a collective bullish sentiment towards the Chinese stock market, driven by improving fundamentals and increased investor confidence [4] - HSBC and Morgan Stanley highlight the potential for increased capital inflows into Chinese stocks, particularly in the technology and consumer sectors [4][5] - High-quality growth and deep value stocks are favored, with a focus on sectors benefiting from policy support and consumer demand [4][5]

Core Insights - The "Chinese Language Fever" is gaining momentum globally, with over 810,000 candidates expected to participate in the HSK exam in 2024, reflecting a 20% annual growth since its inception [1][2] - The integration of Chinese language education into national curricula in 85 countries indicates a significant increase in international Chinese learners, surpassing 200 million [1][2] Economic and Trade Relations - The rise of the "Chinese Language Fever" is closely linked to the increasing economic and trade interactions between China and over 150 countries, with the Belt and Road Initiative covering more than three-quarters of the world's nations [2] - Chinese language skills are becoming a valuable asset in job markets, particularly in tourism and trade sectors in countries like Laos, Thailand, and Vietnam [2] Cultural Exchange - The expansion of China's visa-free travel policies has led to a significant increase in foreign visitors, with 20.115 million foreign nationals entering China in 2024, a 112.3% increase year-on-year [2] - Cultural experiences are a primary motivation for over 60% of travelers to China, highlighting the growing interest in Chinese culture [2] Influence of Media and Technology - Popular Chinese media, including films like "Ne Zha 2," are driving interest in learning Chinese, with the film becoming the highest-grossing animated movie globally [3] - Technological advancements in China, such as AI developments and digital learning platforms, are enhancing the accessibility and appeal of Chinese language education [3] Future Outlook - The ongoing growth in Chinese language learning is expected to foster deeper international relationships and cooperation, enhancing China's global image as a trustworthy and friendly nation [4]

17.83亿份 数据显示，截至5月29日，今年以来共有104家私募旗下产品出现在97只年内上市ETF前十大持有人名单 中，合计持有份额达17.83亿份。其中，超30只科创板ETF得到私募申购，合计申购份额接近6亿份 ◎记者 马嘉悦 知名机构重仓互联网板块 除了A股科创板块，港股互联网也吸引了多家头部私募布局。 私募正在加码科技资产。私募排排网数据显示，截至5月29日，今年以来上百家私募旗下产品出现在97 只年内上市ETF的前十大持有人名单中，合计持有份额近18亿份。其中，超30只科创板ETF得到私募申 购，合计申购份额接近6亿份。 记者采访获悉，多家头部私募目前重仓港股互联网板块。业内人士认为，在中国科技领域出现重要突破 的背景下，中国科技资产的重估尚未结束，不管是受益于AI发展的互联网，还是存在替代逻辑的半导 体板块，均将涌现投资机会。 私募借道ETF加码科技 数据显示，截至5月29日，今年以来共有104家私募旗下产品出现在97只年内上市ETF前十大持有人名单 中，合计持有份额达17.83亿份。 具体来看，科创相关ETF备受青睐。 据统计，今年以来私募旗下产品出现在33只今年上市的科创ETF中，合计持有份额 ...

导语 ： 小米 Q1 财报，给中国科技资产重估的干柴，再添一把烈火。 回望过去十年全球资本市场，以美国为代表的科技"七巨头"（ Magnificent 7 ），推动了美股长期走牛。而如今，以小米为代表的"中国科技巨头"， 正在开启对中国科技资产的重估叙事。 "重估中国科技资产"的论调，兴起于 2025 年初。彼时， DeepSeek 横空出世，全球对冲基金以数月来最快的速度涌入中国股市，小米（ 01810.HK ）等中国科技公司股票大涨，不到 5 个月的时间，小米股价涨幅便已超过 52% 。 高回报率吸引全球顶级投资机构纷纷加仓小米，今年 4 月，贝莱德对小米的持股比例，便从 4.90% 提升至 5.06% 。 5 月 27 日，小米发布 Q1 财报，给中国科技资产重估的干柴，再添一把烈火。 财报显示，小米 2025 年 Q1 营收同比增长 47.4% 至 1113 亿元，继 2024 年 Q4 后再破千亿；经调整净利润首次突破百亿，达到 107 亿元，同比增 幅高达 64.5% 。 47.4% 营收增长是什么概念？ 2021 年 Q4 ，时隔 6 年重回中国市场第一的苹果，曾"创下单季销量最好成绩"，即使如 ...

Group 1 - Morgan Stanley's research report indicates that improvements in the Hong Kong Stock Exchange's new listing channels and the potential return of Chinese concept stocks (with a total market value of $237 billion for 26 unlisted Chinese concept stocks) will benefit the long-term development of the Greater China stock market, with an expected 6% increase in earnings per share for the Hong Kong Stock Exchange by 2026 if all return to the Hong Kong market [1] - The Hong Kong stock market is experiencing a surge in technology company listings, with several core technology firms preparing to list in Hong Kong, positioning the exchange as a global technology capital hub [1] - The Shenzhen Financial Management Bureau has revealed plans to promote Greater Bay Area companies to list in Hong Kong and encourage H-share companies to return to the Shenzhen Stock Exchange, further deepening the financial market connectivity between the two regions [1] Group 2 - CITIC Securities points out that Hong Kong's capital market has formed a complete and developed financial system, with significant weights in finance, real estate, technology, and consumer sectors [1] - Benefiting from the global reassessment of Chinese assets and national policy support, the Hong Kong stock market is becoming a strategic location for global capital allocation of Chinese technology assets [1] - With the optimization of Hong Kong's listing rules (18A, 18C, and "Special Line for Technology Enterprises"), high-quality Chinese technology companies are accelerating their listings in Hong Kong, pushing the market into a new era of Chinese technology [1] Group 3 - Continuous inflow of southbound funds has led to the highest allocation ratio of active equity funds in Hong Kong stocks in nearly five years by the first quarter of 2025, with the technology sector increasingly becoming an important entry point for investing in China's technological rise [1] - The improvement in liquidity in the Hong Kong market, combined with the trend of Chinese concept stocks returning amid US-China tensions, has significantly increased the weight of the technology industry, with leading companies in core fields such as semiconductors, new energy, and cloud computing gathering in Hong Kong, highlighting its strategic position in the technology sector [1]

Group 1 - The core viewpoint is that the Hong Kong stock market is transforming into a global technology capital hub, driven by a surge in technology company listings and significant capital inflows [1] - The Hong Kong Technology ETF (513020) has seen a nearly 1.8% increase, with net capital inflows for four consecutive trading days [1] - CITIC Securities indicates that the Hong Kong market has developed a complete financial system, with a significant increase in the weight of the technology sector [1] Group 2 - The total market capitalization of the Hong Kong technology sector has reached 6.29 trillion HKD, with over 600 billion HKD of net inflows from southbound funds this year [1] - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index (931573), which covers high-tech sectors such as information technology and healthcare [1] - The market is expected to enter a technology bull market over the next three years, benefiting from global re-evaluation of Chinese assets and policy support [1]

Core Insights - The report highlights the increasing recognition of Invesco Great Wall's funds among public fund of funds (FOF) managers, with multiple funds ranking in the top 10 for both number of holdings and market value [1][3] - The performance of Invesco Great Wall's funds, particularly in the technology sector, has been outstanding, with significant excess returns compared to benchmarks [2] Group 1: Fund Performance - Invesco Great Wall's "Quality Evergreen" fund achieved a return of 59.45% over the past year, significantly outperforming its benchmark return of 14.53% [2] - The "Research Select" fund managed by Zhang Xuewei returned 38.26% in the same period, compared to its benchmark of 9.66% [2] - The "Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF" was held by 11 FOFs, with a total market value of 274 million, marking the largest increase in holdings among FOFs [2] Group 2: Fund Holdings and Strategies - The "Invesco Great Wall Jingyi Shuangli" fund was held by 20 FOFs with a total market value of 216 million, while "Invesco Great Wall Jingying Shuangli" was held by 6 FOFs, increasing its holdings by 4 FOFs and market value by 29 million [2] - The "Invesco Great Wall Jingtai Yuli" pure bond fund had a total market value of 119 million, with a scale of 15.2 billion, consistently ranking in the top tier of its category over the past three years [2] Group 3: Strategic Positioning - Invesco Great Wall has diversified its fund offerings across various asset classes, including active equity, passive index, "fixed income plus," and pure bond funds, reflecting its strategy to become a "multi-asset management expert" [3]

Group 1 - The recent U.S. ban on Huawei's Ascend AI chips has shown a pattern of inconsistent policy, initially declaring global use of Huawei chips illegal, then shifting to a "risk warning" shortly after, reflecting confusion in U.S. strategy and highlighting China's resilience in technology [1][3] - Despite the U.S. tech war, China has not been significantly hindered; instead, it has made strides in technology, with Huawei's Ascend chips performing competitively at 40% of the price of international counterparts, and countries like Saudi Arabia and the UAE purchasing them [3][5] - Chinese companies like Xiaomi have developed 3nm chips, achieving top-tier design capabilities, while advancements in domestic operating systems, electric vehicles, and large model technologies are emerging as new global options [3][5] Group 2 - The U.S. blockade appears counterproductive, with companies like NVIDIA projected to lose $15 billion due to the ban, leading to complaints that the U.S. is ceding market share to China [5] - The underlying issue is the underestimation of China's innovative capacity, as restrictions have inadvertently spurred the development of alternatives, such as Huawei's backup plans and advancements in 3D stacking technology [5][7] - China's response to U.S. attempts to ban Huawei's chips has been assertive, warning that any organization or individual assisting U.S. measures will be held accountable, undermining the legitimacy of U.S. legal claims [7][8] Group 3 - The ongoing competition can be likened to building walls versus creating bridges, with China's technological advancements illuminating a path of diverse coexistence [8] - The narrative of innovation suggests that true progress cannot be stifled, as it is rooted in market demand and thrives on open collaboration, ultimately flourishing through resilience in adversity [8]